TRUSTEE AS BENEFICIARY Sample Clauses
The 'Trustee as Beneficiary' clause defines circumstances under which a trustee may also be named as a beneficiary of the trust. In practice, this means that the individual or entity responsible for managing the trust's assets could also receive benefits from the trust, such as distributions of income or principal. This clause clarifies the dual role and sets boundaries to prevent conflicts of interest, ensuring that the trustee's actions remain in the best interest of all beneficiaries. Its core function is to address and manage potential conflicts that arise when a trustee stands to benefit personally from the trust, thereby promoting transparency and trust in the administration of the trust.
TRUSTEE AS BENEFICIARY. If a trustee is named as a beneficiary and no qualified trustee makes claim to the proceeds, or to the present value of any unpaid payments under a payment plan, within one year after payment becomes due to the trustee, or if satisfactory evidence is furnished to the Company within that year showing that no trustee can qualify to receive payment, payment will be made as though the trustee had not been named. The Company will be fully discharged of liability for any action taken by the trustee and for all amounts paid to, or at the direction of, the trustee and will have no obligation as to the use of the amounts. In all dealings with the trustee the Company will be fully protected against the claims of every other person. The Company will not be charged with notice of a change of trustee unless written evidence of the change is received at the Home Office.
TRUSTEE AS BENEFICIARY. The Trustee, either individually or in a representative or fiduciary capacity, may be a Beneficiary to the same extent as if it were not a Trustee hereunder and shall have all the rights of a Beneficiary, including, without limitation, the right to vote and to receive distributions, to the same extent as if it was not the Trustee hereunder.
TRUSTEE AS BENEFICIARY. A trustee who is also a beneficiary of the trust may exercise powers to make:
(1) Discretionary distributions of either principal or income to or for the benefit of the trustee;
(2) Discretionary allocations of receipts or expenses as between principal and income; or
(3) Discretionary distributions of either principal or income to satisfy a legal obligation of the trustee.
TRUSTEE AS BENEFICIARY. The Trustee shall be an intended third-party beneficiary of this Agreement and the Trustee shall be entitled to enforce the rights of the Depositor hereunder for the benefit of the Certificateholders.
TRUSTEE AS BENEFICIARY. Notwithstanding any other provision herein or of California Laws, a trustee who is also a beneficiary of the trust may exercise powers to make:
(1) Discretionary distributions of either principal or income to or for the benefit of the trustee;
(2) Discretionary allocations of receipts or expenses as between principal and income;or
(3) Discretionary distributions of either principal or income to satisfy a legal obligation of the trustee.
TRUSTEE AS BENEFICIARY. The Liquidating Trustee, either individually or in a representative or fiduciary capacity, may be a Beneficiary to the same extent as if it were not a Liquidating Trustee hereunder and shall have all the rights of a Beneficiary, including, without limitation, the right to vote and to receive distributions, to the same extent as if it was not the Liquidating Trustee hereunder.
TRUSTEE AS BENEFICIARY. No Trustee or successor Trustee may be a Beneficiary or hold a Beneficial Interest.
TRUSTEE AS BENEFICIARY. The parties agree that the Trustee is an express beneficiary of this Agreement and, during the continuation of a Default under the Indenture, the Trustee shall have the right to demand and receive payments hereunder for application in accordance with this Agreement.
TRUSTEE AS BENEFICIARY. Notwithstanding Indiana Code Section 30- 4-3-7 (a), a trustee who is also a beneficiary of the trust may exercise powers to make:
(1) Discretionary distributions of either principal or income to or for the benefit of the trustee;
(2) Discretionary allocations of receipts or expenses as between principal and income; or
(3) Discretionary distributions of either principal or income to satisfy a legal obligation of the trustee.
TRUSTEE AS BENEFICIARY. The Trustee and any Successor Trustee appointed under Section 10.2 shall not be a U.S. Trust Beneficiary or hold a Beneficial Interest hereunder.